New Delhi is gearing up for a significant boost in bilateral trade with the United States as the interim trade agreement nears finalization. Commerce and Industry Minister Piyush Goyal announced on Friday that the deal could be signed as early as March, paving the way for implementation in April.
Talks between Indian and American officials are scheduled to kick off on February 23 to iron out the legal text of this pivotal pact. This comes hot on the heels of a joint statement earlier this month, where the US slashed tariffs on Indian exports from 50% to 18%, opening new avenues for Indian goods in the American market.
Minister Goyal highlighted the broader vision behind these negotiations. ‘Global trade benefits must reach every MSME, every business, and every startup, big or small,’ he emphasized during a media briefing. The focus is on empowering new exporters and expanding the reach of Indian products and services across continents.
In a strategic move, India has safeguarded its sovereignty and key sectors. Sensitive agricultural products like rice, wheat, corn, millets, and dairy have been excluded from the deal to prevent any adverse impacts. No concessions were granted to the US on dairy, poultry, meat, wheat, rice, corn, or soybeans.
India has selectively allowed market access only for items it needs or doesn’t overproduce, such as walnuts, pistachios, and specific types of alcohol with minimum import prices in place. This $4 trillion economy approached the negotiations from a position of strength, protecting self-reliant sectors while balancing consumer interests and export-led growth.
Positive updates also emerged on other fronts. Free Trade Agreements (FTAs) with the UK and Oman are likely to take effect in April, while the New Zealand deal eyes September. These developments signal India’s aggressive push to deepen global trade ties without compromising national interests.